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NAM Has Plan For
Removal Of “Oppressive Taxation”
The rate of national economic growth is great enough to assure a gain of nearly $1 billion In Income tax revenue even after allowance is made for the provisions of the NAM five-year plan for the reduction of high and discriminatory taxes, the National Association of Manufacturers asserts In a booklet lust Issued.
Under the program for reducing taxes of individuals and corporations to a top rate of 35 per cent through annual adjustments, the revised edition of “Facing the Issue of Income Tax Discrimination” shows how the “total apparent loss” of $12,897, 000,000 in collections would be more than offset by $13,867,000,000 in new tax money- a plus factor of $970 million.
A more equitable tax structure, the booklet points out, will contribute vitally to national growth by eliminating the tax block to the accumulation and use of venture capital.
But equally as important, the booklet—by objective analysis— shows how removal of “oppressive taxation” would also prove of lasting* benefit to national well-being in the form of higher living standards for increasingly greater numbers of Americans; faster economic development and checking of inflationary pressures.
“The five-year plan,” • says a foreword by Wm. J. Orede, president of Orede Foundries, Inc., Milwaukee, Wise, and chairman of NAM’s taxation commitee, "has ignited the imagination of many persons and groups to the possibility of achieving a tax structure which
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